“Lack of supply. You’ve got this increased demand in the renter population demographic, the 18 to 34-year-old. And then you have this whole economic uncertainty and people’s inability to get mortgages. So all of those things are really conspiring to create a really good environment for people that own apartments. And it’s a rising rental market for the people that are the tenants,” he said.

Cassie says businesses are building new apartments — they’ll add about 1000 units this year. But it’s not enough to keep up with demand — Portland’s vacancy rate is expected to be just 2.2 percent by the end of the year.

Cassie says rents aren’t expected to come down until the unemployment rate falls and tenants decide it’s a good time to buy a home.